Sep 21, 2015

Massive change are coming to the world of residential real estate in October.

The new Consumer Financial Protection Bureau (CFPB) has been created by the government to protect mortgage consumers.

The jury is still out as to whether this new agency will be a blessing or a curse to homebuyers. Regardless, it will certainly mean more time and paperwork when you are financing the purchase of a home.

If you plan to purchase a home in the next few months, please consider these tips as the new laws take effect.

From contract to finish is currently about 30-40 days in Dallas. Expect it to now take 45-60 days.

Since this is a drastic change in mortgage lending laws, be prepared for initial confusion. Remember, this is a new government agency.

If you're selling, after October 1, 2015 try to include a contingency plan for delays or have the contract written to allow you a few days to move after the purchase to give you cushion if the closing gets delayed.

The 'closing' (when money and possession change hands) will now be called the 'consummation'. Yeah, we're snickering too.